A Minnesota-based mining company plans to spend as much as $350 million to build an iron ore pellet plant in Indiana, creating up to 100 jobs by 2015. Magnetation of Grand Rapids, Minn., said it would break ground on the plant in Reynolds in the first quarter of 2013.

Reynolds is about 25 miles north of Lafayette. When it becomes operational in 2015, the plant will produce iron ore pellets, a critical raw material in the steelmaking process.  The new plant will be built on a site that was originally prepped for an ethanol plant.

They plant was never completed after VeraSun Energy Corp. went bankrupt.